CREDIT APPLICATION

Terms and Conditions

This credit application shall apply to any and all credit extended by On Point Electric and Controls Ltd. The Applicant understands and agrees to the following terms and conditions of sale:

Terms of sales are due on receipt or as approved, project invoices and payment terms to follow customer provided contract/purchase order terms and conditions. Agents or representatives of On Point Electric and Controls Ltd. are not authorized to change or adjust credit terms without written authorization of the CFO/Director of Finance.

Credit Limits may be approved for the projects of the latest shipment date. Credit department can reassure the credit worthiness of the customer prior the shipment date. Provisions of the financial guarantees may be required.

All claims against invoices must be made within 7 days after receipt of goods and/or services.
Goods and/or services may not be returned and/or cancelled without first having obtained an RMA # (Return Material Authorization). or an authorization of an On Point Electric and Controls Ltd. executive.

Failure to comply with these Terms and Conditions may result in cancellation of credit privileges without notice. In the event of any default, On Point Electric and Controls Ltd. may (a) close the account and/or (b) accelerate payment of the full balance.

The information given in this Credit Application and Agreement is warranted to be true and correct and given for the purpose of obtaining credit.

The Applicant consents to the obtaining of credit information, as may be required in connection with the credit line hereby applied for or, any renewal or extension thereof, and to the disclosure of any trade information concerning the Applicant to any credit reporting agency or to any person with whom the Applicant has or proposes to have financial relations. Upon determination that Applicant’s creditworthiness has changed adversely, or does not satisfy current credit standards, On Point Electric and Controls Ltd. may close or lower the credit limit of account.